Your Daily Dose of Financial News

Demolition of an old house
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Some continuing reaction to the potential end to the trade war between the US and China, through the lens of a Delaware lighting store [NYTimes] and US businesses far more broadly, who are grappling with the question of what it all has meant –  NYTimes

So that’s business. On the other side of the cash register, two new economic studies out recently show that American consumers “have been saddled with $69 billion in added costs because of the tariffs the U.S. imposed last year” – WSJ

China’s premier, the second-ranking official in the country after President Xi, announced on Tuesday that the government would work aggressively to address an economic slowdown in the country through a variety of measures, including “cutting taxes, easing burdens on the private sector and giving markets a bigger role” – NYTimes

Europe has a serious Anti-Money Laundering problem.  To the tune of an estimated $2 trillion. And there’s no central body that’s doing anything about it – Bloomberg

After months of talks, Wall Street titans—from Goldman and JPMorgan to Apollo Global and Ares Capital—“are closing in on a fix that they hope will clean up” the $8 trillion credit default swap derivatives market “that’s gained a reputation for being one of the shadiest corners in finance” – Bloomberg

The Second Circuit has upheld a $92.8 million fine against convicted hedge fund founder Raj Rajaratnam, finding that the amount “was rightly based on all the profits generated from his insider trading rather than just those he kept for himself” – Law360

GE CEO Larry Culp announced at an industry conference that the shrinking conglomerate he’s helming “won’t generate any cash from its operations in 2019,” a statement that “tempered expectations for a near-term turnaround” – WSJ and Bloomberg

Some reaction to Monday’s unexpected move by Judge Charles Breyer to clear former Barclays Forex options trader Robert Bogucki of fraud charges mid-trial as well as his lengthy comments about prosecutorial overreach – Law360

Papa John’s founder John Schnatter is officially out at his eponymous pizza empire after reaching a settlement (revealed in a recent securities filing) with the company that will see him step down from his role on the Board after helping choose his successor – NYTimes

The Journal looks at the challenging road in front of Cerberus Capital’s Matt Zames, a Wall Street fix-it man (who helped steer JPMorgan through its “‘London Whale’ trading debacle”) now charged with helping Deutsche Bank “rebound from years of losses, restructuring, legal fines and management turnover” – WSJ

Checking in on the Pritzker Prize—the highest award in the field of architecture—which was awarded yesterday to Arata Isozaki, the “emperor of Japanese architecture” whose “more than 100 buildings include the Museum of Contemporary Art in Los Angeles, the Palau Sant Jordi in Barcelona and the Qatar National Convention Center in Doha” – NYTimes and ArchDaily

MDR

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